In recent decades, China has been the epicenter of the luxury world, with richer middle and upper class growth and easier access to the rest of the world. China has always been attracted by the Western way of life and by the amazing know-how present in many European countries.
The wealthy Chinese traveled to various European capitals with the sole purpose of buying luxury goods and experiencing a lifestyle approaching that of a Western life for a few days. The main reason for these large purchases is justified by the fact that luxury goods are more affordable in Europe because of taxes, but also more accessible because many brands were not available locally.
The development of luxury brands in China
But the problem of accessibility has changed in recent years, through the rise of the Chinese luxury market and the growing presence of luxury brands in mainland China. This means that the population has had direct access to European luxury brands and the entire experience. Paradise on earth, for those who could not afford to travel around the world, even considering taxes, or who did not have the time to do so.
Indeed, in 2016, the entire luxury industry grew by 4%, bringing the value of retail sales to around € 1.08 trillion. The personal luxury market, including jewelery, did not increase in itself, but remained stable at € 249 billion, which shows how regular this market is.
The specific role of jewelery in the world of luxury
Although in recent years there has been a shift in spending from real material goods to "experiments," it is clear that the sale of jewelery will always remain a solid market because of the sentimental value of the latter.
The jewel is and will always be the ultimate symbol of love, whether bought for yourself, handed down from mother to daughter or used to make a marriage proposal to your loved one. Jewelry in all its forms will always have a stable market because of this intrinsic value. They offer the experience and memories that people are looking for more and more and their sustainability is an asset in this regard.
You can easily pass on jewelry from generation to generation or even buy jewelry that was designed and created decades ago and still wear it.
BAUNAT plays an important role in the world of online jewelery by offering a complete catalog of beautiful classic and design collections for all tastes. And if you prefer to live the experience in person, do not hesitate to make an appointment with our experienced team in one of the BAUNAT showrooms.